Yeongyang County, Kyongsangbuk-do (South Korea)

From the Yeongyang website:

The County flag symbolizes the prosperity of the region and the progressive spirit of its people who are moving forward and outward in the world. The circle represents the Korean letter 'ㅇ', the initial letter of the word, 영양 (Yeongyang in Korean), and taegeuk figures stands for the special products of Yeongyang such as red peppers. The colors of red, green and blue stands for red pepper, green mountain, and clear water, respectively, maximizing the image of purity

researched by Phil Nelson, 16 October 2005